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BANK HOLDING COMPANY LEGISLATION

AND RELATED ISSUES

HEARINGS

BEFORE THE

SUBCOMMITTEE ON FINANCIAL INSTITUTIONS SUPERVISION, REGULATION AND INSURANCE

OF THE

COMMITTEE ON BANKING, FINANCE AND URBAN AFFAIRS

HOUSE OF REPRESENTATIVES

NINETY-SIXTH CONGRESS

FIRST SESSION

ON

H.R. 2255

MERGER ACT TO RESTRICT THE AC

IN
TIVITIES

WHICH REGISTERED
A BILL TO AMEND THE BANK HOLDING
COMPANY ACT OF 1956 TO LIMIT THE BANK HOLDING COMPANIES MAY EN-
PROPERTY AND CASUALTY AND LIFE GAGE AND TO CONTROL THE ACQUISI-
INSURANCE ACTIVITIES OF BANK

TION OF BANKS BY BANK HOLDING HOLDING COMPANIES AND THEIR

COMPANIES AND OTHER BANKS.
SUBSIDIARIES.

H.R. 4004
H.R. 2747

A BILL TO AMEND THE BANK HOLD.

ING COMPANY ACT OF 1956 TO PROA BILL TO AMEND THE BANK HOLD

VIDE THAT THE BOARD OF GOV. ING COMPANY ACT AND THE BANK ERNORS OF THE FEDERAL RESERVE MERGER ACT TO RESTRICT THE AC SYSTEM SHALL NOT DENY ANY APPLI. TIVITIES IN WHICH REGISTERED CATION FOR THE FORMATION OF A BANK HOLDING COMPANIES MAY EN.

ONE-BANK HOLDING COMPANY BEGAGE AND TO CONTROL THE ACQUISI. CAUSE THE TRANSACTION TO FORM TION OF BANKS BY BANK HOLDING SUCH ONE-BANK HOLDING COMPANY COMPANIES.

INVOLVES А BANK STOCK LOAN H.R. 2856

WHICH IS FOR A PERIOD OF NOT A BILL TO AMEND THE BANK HOLD- MORE THAN TWENTY-FIVE YEARS, ING COMPANY ACT AND THE BANK AND FOR OTHER PURPOSES.

PART 2
JUNE 27; JULY 24, 25; OCTOBER 9, 10, 16, 17, AND 18, 1979

Serial No. 96-49

Printed for the use of the
Committee on Banking, Finance and Urban Affairs

U.S. GOVERNMENT PRINTING OFFICE

84-273 O

WASHINGTON: 1980

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COMMITTEE ON BANKING, FINANCE AND URBAN AFFAIRS

HENRY S. REUSS, Wisconsin, Chairman THOMAS L. ASHLEY, Ohio

J. WILLIAM STANTON, Ohio WILLIAM S. MOORHEAD, Pennsylvania CHALMERS P. WYLIE, Ohio FERNAND J. ST GERMAIN, Rhode Island STEWART B. MCKINNEY, Connecticut HENRY B. GONZALEZ, Texas

GEORGE HANSEN, Idaho JOSEPH G. MINISH, New Jersey

HENRY J. HYDE, Illinois FRANK ANNUNZIO, Illinois

RICHARD KELLY, Florida JAMES M. HANLEY, New York

JIM LEACH, Iowa PARREN J. MITCHELL. Maryland

THOMAS B. EVANS, JR., Delaware WALTER E. FAUNTROY,

S. WILLIAM GREEX, New York District of Columbia

RON PAUL, Texas STEPHEN L NEAL, North Carolina

ED BETHUNE, Arkansas JERRY M. PATTERSON, California

NORMAN D. SHUMWAY. California JAMES J. BLANCHARD, Michigan

CARROLL A. CAMPBELL, JR., CARROLL HUBBARD, JR., Kentucky

South Carolina
JOHN J. LAFALCE, New York

DOX RITTER, Pennsylvania
GLADYS NOON SPELLMAN, Maryland JON HINSON, Mississippi
LES AUCOIN, Oregon
DAVID W. EVANS, Indiana
NORMAX E. D'AMOURS, New Hampshire
STANLEY N. LUNDINE, New York
JOHN J. CAVANAUGH, Nebraska
MARY ROSE OAKAR, Ohio
JIM MATTOX, Texas
BRUCE F. VENTO, Minnesota
DOIG BARNARD, JR., Georgia
WES WATKINS, Oklahoma
ROBERT GARCIA, New York
MIKE LOWRY, Washington

PAUL NELSON, Clerk and staf Director
MICHAEL P. FLAHERTY. General Counsel
MERCER L JACKSON, Minority staf Director

SUBCOMMITTEE ON FINANCIAL INSTITUTIONS SUPERVISION, REGULATION

AND INSURANCE
FERNAND J. ST GERMAIN, Rhode Island, Chairman
FRANK ANNUNZIO, Ilinis

CHALMERS P. WYLIE, Ohio
JAMES M. HANLEY, New York

HENRY J HYDE, Ilinois CARROLL HUBBARD JR. Kentucky GEORGE HANSEN, Idaho JERRY M. PATTERSON Ca'ifornia

JIM LEACH, Iowa
THOMAS | ASHLEY, Olo

CARROLL A CAMPBELL, JR.,
NORMAN E DAMOIRS, New Hampshire South Carolina
JOHN J. CAVANAUGH, Nebraska

ED BETHL'SE, Arkansas
JIM MATTOX, Texas
JOSEPH G MINISHL New Jersey
WALTER E FAUSTROY.

District of Columbia
DOUG BARNARD, Georgia

RICHARD I. STILL, Subcommittee Staf Director

(II)

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705

696

Arnold, Alan C., executive vice president, Howard, Weil, Labouisse, Fried-

richs, Inc., New Orleans, La--

Arnspiger, S. D., first vice president and comanager, Municipal Bond Divi-

sion, Underwood Neuhaus & Co., Inc., Houston, Tex----

Bankers Association Panel, consisting of, George A. LeMaistre, professor of

law and professor of banking, University of Alabama, Tuscaloosa, Ala. ;

Donald T. Senterfitt, attorney at law and chairman of the executive

committee, Sun Banks of Florida, Orlando, Fla.; John C. H. Miller, Jr.,

attorney at law and director of Exchange National Bank of Birmingham,

Ala.; John Milstead, executive vice president, Florida Bankers Associa-

tion, Orlando, Fla.; B. G. Montgomery, executive vice president, First

City National Bank of Houston, Houston, Tex.; Hugh Z. Graham, senior

vice president, Director of Trust, South Carolina National Bank, Colum-

bia, S.C.; and C. Robert Brenton, president, Brenton Banks, Inc., chair-

man, Iowa Bankers Association, Federal Legislative Committee, Des

Moines, Iowa-----

Bernardi, Roy, city auditor, Syracuse, N.Y.--

Boehm, Frederick L., senior vice president, American Bankers Insurance

Co. of Florida, senior vice president, American Bankers Life Assurance

Co. of Florida.--

Brenton, C. Robert, president, Brenton Banks, Inc., chairman, Federal legis-

lative committee, Iowa Bankers Association, Des Moines, Iowa, accom-

panied by Neil Milner, executive vice president of the association ----

Browne, Donald T., vice president, First National Holding Corp., Atlanta,

Ga., on behalf of the Association of Bank Holding Companies, accom-
panied by Robert B. Burns, president, Union Securities Co., Spokane,

Wash
Browne, James M., member, Executive Committee, National Consumer

Finance Association, and president, Financeamerica Corp., accompanied
by William J. Fenza, Jr., senior vice president and general counsel,

Financeamerica Corp----
Cagan, Dr. Philip, professor of economics, Columbia University, and re-

search associate, National Bureau of Economic Research.-

263

306

513
Page 1061 1351

862

1113

902

682 1030

Carder, James, director, division of accounting, department of administra

tion, Jefferson City, Mo.; on behalf of the National Governors Associa

tion Carswell, Hon. Robert, Deputy Secretary of the TreasuryCrandall, Richard L., president, Comshare, Inc., on behalf of the Associa

tion of Data Processing Service Organizations, Inc., accompanied by Jerome L. Dreyer, executive vice president, and P. Michael Nugent,

staff attorney-Davis, Irvin R., director of finance, Philadelphia, Pa., accompanied by

Robert L. Greenberg, first deputy director of finance and acting city

treasurer Donahue, John F., Jr., Chairman of the Board, A. G. Becker, Inc., accom

panied by Richard C. Yancey, managing director, Dillon Read & Co.,

Inc.; on behalf of Securities Industry Association..
Downey, Robert X., chairman, municipal finance committee, Securities

Industry Association ----
Fink, Matthew P., general counsel, Investment Co. Institute..
Ford, Richard F., president, First National Bank, St. Louis, Mo., and

member of the Governing Council of the American Bankers Association.Fugate, Ivan D.. chairman, Federal Legislation Committee, Independent

Bankers Association of America, and chairman of the Board and presi-
dent, Western National Bank, Denver, Colo., accompanied by James E.
Thielke, partner, Peat, Marwick & Mitchell & Co., Oklahoma City, Okla.;
Robert E. Sipple, senior vice president, American National Bank & Trust
Co., St. Paul, Minn. ; and John J. Kendrick, Jr., attorney, Hewitt, John-

son, Swanson & Barbee, Dallas, Tex..
Gilman, Hon. Benjamin A., a Representative in ('ongress from the State

of New YorkGonzalez, Hon. Henry B., a Representative in Congress from the State

of Texas.
Graham, Hugh Z., senior vice president, director of trust, South Carolina

National Bank, Columbia, S.C.---
Guthman, Richard, council member, Atlanta, Ga., on behalf of the National

League of Cities..
Hanna, Hon. William, mayor, Rockville, Jd., on behalf of the U.S. Confer.

ence of Mayors.
Hemphill, William L., president, Mortgage Insurance Companies of Amer-

503

186

449

664

1255

1039

1056

ica

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Hodgkins, Ralph L., Jr., president and chief executive officer, Mid-Maine

Mutual Savings Bank, Auburn, Maine, on behalf of the National Asso-
ciation of Mutual Savings Bank (NAMSB), accompanied by James J.

Butera, associate director...
Hope, C. ('., Jr., vice chairman of the board, First I'nion National Bank,

Charlotte, NC., and president-elect, American Bankers Association; and

Lee E. Gunderson, president, Bank of Osceola Osceola, Wis.----
Kaufman, Dr. George G., John Rogers, professor of banking and finance,

and director, Center for Capital Market Research, I'niversity of Oregon.Kauper, Thomas E., professor of law, I'niversity of Michigan School of

Law
Kendrick, John J., attorney, Hewett, Johnson, Swanson & Barbee, Dallas,

Tex
kremer, Edward J., chairman, Federal Alliars ('ommittee, Independent

Insurance Agents of America (ITAA), arrompanied by Thomas E. Wilson,
Counsel to 111A: Edward J. Schmuck, counsel for six life insurance com-
panies; Edward H. Akin, Chairman, Federal Legislation Committee,
Professional Insurance Agents : Joel Shapiro, chairman, ('ommittee on
Federal Law and Legislation, National Association of Life l’nderwriters;

and Dr. Emmett J. Vaughan, consultant to ITAA
Lelnistre, George A., professor of law and banking, l'niversity of Alabama,

Tuscaloosa. Ala..
Martin, Robert, executive vice president, Dain, Kalman & Quail, Minneapo-

lis, Minn.
Mavroules, Hon. Nicholas, a Representative in ('ongress from the State of

Massachusetts
Melton, Hon. Buckner F., mayor, city of Macon, Ga.

38

1248

1104 V

Page 1219

447

1256

715 669 1176

836

1295 1129

1063 1088

549

703

Miller, John C. H., Jr., attorney at law, and director of Exchange National

Bank of Birmingham, Ala.
Mineta, Hon. Norman Y., a Representative in Congress from the State of

California
Montgomery, B. G., executive vice president, First City National Bank of

Houston, Houston, Tex---
Mussa, Dr. Michael, associate professor of economics, Graduate School of

Business, University of Chicago..
O'Brien, Edward I., president, Securities Industry Association
Odom, Lewis G., Jr., Senior Deputy Comptroller of the Currency-
Oppenheimer, Richard, president, Wells Fargo Leasing Co., accompanied

by Charles Greenberg--
Partee, Hon. J. Charles, member, Board of Governors of the Federal Re-

serve System -Payne, Carl, executive director, Pennsylvania Housing Finance Agency Perko, James, Washington Public Power Supply System, Richland, Wash.,

on behalf of the American Public Power Association.Peterson, John.-Phillips, Dr. Almarin, professor of economics, law, and public policy, Uni

versity of Pennsylvania---
Radford, Rowland A., senior vice president, the Robinson-Humphrey Co.,

Inc., Atlanta, Ga---
Reynolds, William J., town comptroller, Greenwich, Conn., on behalf of the

Municipal Finance Officers Association and the Association of State Audi

tors, Comptrollers, and Treasurers_ Robinson, E. B., Jr., president, Dealer Bank Association, and executive vice

president, Deposit Guaranty National Bank, Jackson, Miss., accompanied

by Dick Kezer, senior vice president, Citibank, New York, NY.Senterfitt, Donald T., attorney at law and chairman of the executive com

mittee, Sun Banks of Florida, Orlando, Fla-----
Silver, David, president, Investment Co. Institute-
Sipple, Robert E., senior vice president, American National Bank & Trust

Co., St. Paul, Minn.--
Smith, James L., senior vice president of Security Pacific National Bank,

Los Angeles, Calif., on behalf of Consumer Bankers Association...
Spellman, Hon. Gladys Noon, a Representative in Congress from the State

of Maryland---
Thielke, James E., partner, Peat, Marwick, Mitchell & Co., Oklahoma City,

Okla.
Tucker, Irvin "Tommy,” member, Legislative Committee, National Associa-

tion of Realtors, accompanied by Albert E. Abrahams, senior vice presi

dent, Government Affairs--
Vaughan, Dr. Emmett J., Partington professor of insurance, University of

Iowa
Williams, Hon. Harold M., Chairman, Securities and Exchange Commis-

sion
Yancey, Richard C., managing director, Dillon-Read & Co., on behalf of the

Securities Industry Association--

1066

478

1250 726

248

807

443

230

897

169

1271

1028

ADDITIONAL MATERIAL SUBMITTED FOR INCLUSION IN THE RECORD

89

Akin, Edward H., prepared statement on behalf of the National Association

of Professional Insurance Agents (PIA) -
Allen, Grover N., director, Mississippi State Bond Advisory Division, state-

ment on H.R. 1539_,
Arnold, Alan C., prepared statement..
Arnspiger, S. D., prepared statement-
Association of Bank Holding Companies, statement-
Bernardi, Roy, prepared statement-
Browne, Donald T.:
Analysis of -

H.R. 2255.

H.R. 2856 (St Germain bill). Section-by-section analysis of H.R. 2747"The Role of Insurance on Bank Holding Company Activities," position

paper

1167 707 697 844 1125

283 301 286

268

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